Australia: Unemployment rate inches down on strong employment gain
May 9, 2013
In April, the labour market added 50,100 jobs over the previous month in seasonally adjusted terms. The figure starkly contrasts the 31,100 drop recorded in March (previously reported: 36,100) and was larger than market expectations of a 12,000 increase. The result was mainly driven by a strong pick-up in full-time positions (+34,500), although part-time jobs (+15,600) increased as well.
Meanwhile, the number of total job seekers fell by 2,700 persons in April (March: +25,600). As a result, the unemployment rate inched down from 5.6% in March to 5.5% in April, which was below the 5.6% rate expected by the markets.
FocusEconomics panellists expect the unemployment rate to average 5.4% in 2013, which is unchanged from last month's forecast. Next year, the panel expects the unemployment rate to inch down to 5.3%.
Author: Armando Ciccarelli, Head of Data Solutions